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INDONESIA – Challenger Deep raises funds

Challenger Deep Resources Corp has closed an over-subscribed, non-brokered private placement for gross proceeds of Can$1.1 million. The net proceeds will be used for working capital purposes and to fund the company’s strategic review process.

Challenger Deep, which is currently focused on the Asian coal industry, has initiated a process to review potential strategic alternatives. The focus of the review will be on non-resource opportunities with particular emphasis on the technology sector. Challenger cautions shareholders that there is no assurance that the strategic review will result in any specific strategic or financial transactions and no timetable has been set for completion.

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